FDIC Federal Register Citations

Domini Social Investments

From: akanzer@domini.com [mailto:akanzer@domini.com]
Sent: Wednesday, October 20, 2004 11:36 AM
To: Comments
Subject: RIN 3064-AC50

Re: Preserving the Community Reinvestment Act
Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th Street NW
Washington, DC 20429
Dear Mr. Feldman:

I am writing to you on behalf of Domini Social Investments, a socially responsible mutual fund manager based in New York. We manage more than $1.8 billion for individual and institutional investors who wish to leverage their investments to help build a more just and sustainable economy. Community development investing is an important aspect of that strategy.

CDFIs have played a critical role in revitalizing communities through affordable housing and small business startups. We offer two products with a community development focus: the Domini Social Bond Fund and the Domini Money Market Account. Both offer our investors opportunities to directly support the important work of CDFIs.

The Community Reinvestment Act has provided banks with an important incentive to work with CDFIs and provide vitally needed capital to struggling communities.

I urge you to withdraw the FDIC’s rule proposal that would allow midsize banks to pursue only one of the three important community development activities they are now required to undertake: lending, investment, and services. I believe that this rule would result in a devastating reduction in support for the essential work of CDFIs, resulting in fewer jobs, fewer affordable homes, and fewer community services.

Yours Sincerely,
Adam Kanzer, General Counsel